GENEVA – Credit Suisse says it more than halved its fourth-quarter loss, amid a “challenging” market and internal restructuring, and before a multibillion-dollar settlement with U.S. regulators.
The Zurich-based bank set aside about $2 billion in the quarter to help pay for what became a $5.3 billion settlement with the U.S. Justice Department, finalized last month, over claims the bank misled investors about the quality of mortgage-backed securities that it sold before the 2008 financial crisis.
The bank said Tuesday its fourth-quarter loss narrowed to 2.35 billion Swiss francs ($2.34 billion), down from 5.83 billion francs a year earlier. For the year, the net loss dropped to 2.45 billion, from 2.94 billion in 2015.
Quarterly revenues rose 23 percent to 5.18 billion, helped by a strong investment banking and capital markets segment.